CORPORATE GOVERNANCE REPORT.


SUMMARY OF OBSERVATIONS AS A RESULT OF BOARD EFFECTIVENESS REVIEWS

Each year the Board participates in a formal evaluation of its performance. In 2010 the Board evaluation was undertaken by an external facilitator, Tracy Long, of Boardroom Review. Tracy is an experienced consultant whose only interest with Legal & General is her work with the Board. During 2011, the Board considered the recommendations arising from the 2010 Board evaluation in order to further improve its effectiveness. An update on progress made against the recommendations is set out below. The Board has evaluated its performance during 2011. As a result, the Board intends to consider refreshing the Board agenda and format of reports to the Board in order to facilitate further discussion, to continue to focus on succession planning and talent management and to further enhance the Board’s role in monitoring the Group’s strategic performance during 2012.

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RECOMMENDATION FROM 2010 BOARD EVALUATION

ACTION TAKEN IN 2011

Further enhance strategy and market review discussions.

The Board received internal and external presentations on the economic outlook and market and sector topical issues.

Increase informal interaction between Board members and senior management outside of formal Board and Committee meetings.

Attendance of senior management at Board meetings, training sessions and director induction meetings has increased. All presenters meet with Board members informally following Board meetings.

Further leverage non-executive directors’ breadth of experience.

The Chairman liaises with non-executive directors on relevant agenda items. Specialist focused briefings on topical macro issues are prepared for individual non-executive directors.

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